As a business owner, Laura recognizes she needs to be knowledgeable about both her particular business as well as the market and economic data surrounding her business. Because of this, Laura has worked hard to develop a specialized knowledge and expertise about her business over the years, utilizing the factor of production known as: (1 point) Responses entrepreneurship. entrepreneurship. information resources. information resources. natural resources. natural resources. labor.
entrepreneurship
The correct answer is entrepreneurship. Entrepreneurs, like Laura, take on the responsibility of starting and managing a business venture. They are highly knowledgeable about their particular business and industry, utilizing their specialized knowledge and expertise to drive their business forward.
The correct answer is entrepreneurship.
To understand why entrepreneurship is the correct answer, let's first explain what the factor of production means. The factors of production are the resources that are combined in the production process to create goods and services. These factors include land (natural resources), labor (human effort), capital (physical and financial resources), and entrepreneurship.
In the context of the question, Laura's specialized knowledge and expertise about her business represents the factor of entrepreneurship. Entrepreneurship refers to the ability to identify business opportunities, take risks, and allocate resources effectively to create and grow a successful business.
By developing specialized knowledge and expertise about her business, Laura is utilizing her entrepreneurial skills to understand her particular business and its unique needs. Additionally, she recognizes the importance of staying informed about the market and economic data surrounding her business, which further demonstrates her entrepreneurial mindset.
Therefore, the factor of production that Laura is utilizing is entrepreneurship.